Perspectives
Everything we publish, in one place: a series on the economics of delegated authority, and shorter technical notes on making governed underwriting hold up in an audit. Written for the people who have to run it.
The series — the economics of delegated authority
Short pieces on how this market actually pays: what underwriters want, what brokers reward, what capacity rewards, and what a buyer is really paying for when an agency changes hands.
What people actually want
It is not features. Four numbers matter: cost to start, cost to run, cost to connect, revenue per person.
Perspective 02What underwriters actually want
Every feature request is a request to buy back judgement time — and every hour bought back becomes premium.
Perspective 03Written once: the economics of straight-through processing
The back office stops producing the close and starts verifying it. Cost to run detaches from premium.
Perspective 04What brokers reward
Brokers allocate business; they are not just a channel. Flow follows ease, and ease is priced in minutes per placement.
Perspective 05What capacity rewards
Your line is priced on what it costs to trust you. Reduce the oversight cost and the ceiling moves.
Perspective 06What the client is actually buying
The whole chain is funded by one person. Four currencies, only one of which appears on an invoice.
Perspective 07What a buyer pays for
Earnings times a multiple — and the multiple is the buyer’s price for doubt.
Perspective 08The end of small
Every advantage that made a large insurer large was a fixed cost. A fixed cost that becomes rentable stops being an advantage.
Perspective 09The claim, paid locally
Everything before the claim is a promise. The claim is delivery — and the fast local payer wins it outright.
Perspective 10Six speeds, one clock
Speed to quote gets the attention. It is the first of six — and five of them are decided at bind.
Perspective 11The declinature drawer
The hardest placements don’t die of price. They die of routing — and every discarded decline was data.
Perspective 12The pen is portable
The skill is already entrepreneurial. Only the payslip isn’t — and the arithmetic of leaving has never read better.
Perspective 13The market that wants founders
Capacity says it is cautious about new agencies. Its money says the opposite. The gap is the cost of trust — and it is falling.
Perspective 14The arithmetic of legacy
Everyone agrees the incumbents should modernise. The mathematics explains why they mostly cannot.
Each piece is published here as an HTML page once cleared — readable, linkable and quotable, rather than a PDF download.
Field notes — technical, occasional
Working notes on governed insurance infrastructure: determinism on the bind path, wordings as shared infrastructure, and evidence as a by-product of work.
Wordings as infrastructure
Reviewed base wordings, published openly — why wordings work better as shared infrastructure than as documents every agency drafts from scratch.
On AIWhy we never let the AI set the price
The computer reads. People and fixed rules decide. What our AI does, what it is never allowed to do, and why the whole market is heading the same way.
One list for everything above. Occasional only, and no noise.